OPEC June output rises as members fill in for Iraq, survey shows

6/30/2014

OPEC June output rises as members fill in for Iraq, survey shows

MARK SHENK

NEW YORK (Bloomberg) -- OPEC crude production climbed for a second month in June as gains in Saudi Arabia and Nigeria made up for the loss of Iraqi barrels, a Bloomberg survey showed.

Production by the 12-member Organization of Petroleum Exporting Countries rose by 278,000 bpd to 30.223 million, according to the survey of oil companies, producers and analysts. Last month’s total was revised 43,000 bpd lower to 29.945 million because of changes to the Kuwaiti, Libyan and Ecuadorian estimates.

Iraqi production tumbled 400,000 bpd to 2.9 million this month, according to the survey. It was the biggest drop in June and left the country pumping the least oil since September. Iraq is OPEC’s second-biggest producer.

Saudi Arabia, the group’s biggest producer, bolstered output by 230,000 bpd to 9.9 million, the highest level since September, when the desert kingdom pumped 10 MMbpd, the most in monthly data going back to 1989.

Nigeria’s production rose 200,000 bpd to 2.15 million in June, the second-biggest gain in the survey. It was the highest output since September.

OPEC ministers kept their output target unchanged at 30 MMbpd on June 11 in Vienna.

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